Ron Paul's House Resolution 459 "Audit the Fed" Unanimously Passes House Committee
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It took more than three decades, but patience is paying off. Ron Paul's signature bill allowing Congress the ability to perform a comprehensive audit of the Federal Reserve finally seems to have enough steam behind it to pass the House of Representatives, and potentially even the Senate.
Dr. Paul's legislation passed the House Oversight Committee last week. Since it was last introduced, much has changed in the House, particularly the change in newer members' attitudes toward constitutional government. With the 2008 financial meltdown still a fresh memory, and with a partial audit last year showing several issues with the Fed's own internal controls, auditing the Fed seems like more of a good idea. In the twilight of his career in Congress, most of the rest of the House appears to align with his thinking.
In the Senate, Dr. Ron Paul's son, Dr. Rand Paul, introduced Senate Bill 202, paralleling the language of his dad's bill in the House.
Certainly, constituents as well as pundits are warming up to the idea of auditing the Fed, which is widely seen as contributing to current economic woes and backdoor deals, rather than helping the average American. Since its creation nearly 100 years ago in 1913, the Fed never has been audited.
While partial audits are currently allowed, the bill removes many existing restrictions on what Congress can examine during an audit. Specifically, the bill would eliminate some of the existing restrictions on Federal Reserve audits, including those on transactions with foreign banks and governments, deliberations over monetary policy, and communications between Federal Reserve board members.
House Oversight Committee Chairman Darrell Issa (R-CA) maintained it was ironic that Congress took an intense interest in the $2 billion and counting in losses suffered recently by JPMorgan Chase when it "pales in comparison" to the Fed's multi-trillion dollar portfolio. "It is long past time for a real audit," he said.
House leadership has signalled that the bill would likely see a floor vote in July.
Here's Paul's statement on the vote: (h/t Business Insider)
And here's Sen. Paul's release: